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GBP/USD recovers to key fib after weak US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The GBP/USD pair took back its losses to trade largely unchanged on the day around 1.5180 after a batch of weaker-than-expected US data.

    Recovery capped around 23.6% fib

    The spot is struggling to maintain the momentum as it neared 1.5185 (23.6% of July 2014-April 2015 plunge). Sterling was the weakest in early US session and thus witnessed a sharp recovery from the low of 1.5125 on account of a weaker-than-expected US data – Chicago national Fed activity index, manufacturing PMI and existing home sales.

    The gains might be capped as traders look out for the news on Fed’s meeting on discount rates.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5185 (23.6% of July 2014-April 2015), above which the pair could rise to 1.5248 (50% of Apr-Jun rally). On the other hand, repeated failure to take out 1.5185 could open doors for a fall back to the daily low of 1.5125.
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